Legend Biotech Co. (NASDAQ:LEGN) Shares Sold by Old Well Partners LLC

Old Well Partners LLC reduced its stake in shares of Legend Biotech Co. (NASDAQ:LEGN) by 7.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 42,001 shares of the company’s stock after selling 3,199 shares during the quarter. Legend Biotech accounts for approximately 2.4% of Old Well Partners LLC’s portfolio, making the stock its 17th largest holding. Old Well Partners LLC’s holdings in Legend Biotech were worth $2,527,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Altitude Crest Partners Inc. acquired a new stake in shares of Legend Biotech in the 4th quarter worth approximately $32,601,000. Barometer Capital Management Inc. acquired a new stake in Legend Biotech in the fourth quarter valued at $120,000. Prudential PLC increased its position in shares of Legend Biotech by 66.8% in the fourth quarter. Prudential PLC now owns 14,856 shares of the company’s stock valued at $894,000 after buying an additional 5,949 shares in the last quarter. NEOS Investment Management LLC acquired a new position in shares of Legend Biotech during the 4th quarter worth $324,000. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Legend Biotech by 3.1% in the 4th quarter. The Manufacturers Life Insurance Company now owns 608,995 shares of the company’s stock worth $36,643,000 after buying an additional 18,525 shares in the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.

Legend Biotech Stock Down 2.8 %

Shares of NASDAQ:LEGN opened at $42.45 on Friday. Legend Biotech Co. has a 12-month low of $38.60 and a 12-month high of $77.32. The stock’s 50-day moving average price is $45.63 and its two-hundred day moving average price is $55.07. The company has a debt-to-equity ratio of 0.25, a current ratio of 5.66 and a quick ratio of 5.57.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Monday, May 13th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.13. The business had revenue of $93.90 million for the quarter, compared to analysts’ expectations of $143.24 million. Legend Biotech had a negative net margin of 135.92% and a negative return on equity of 27.91%. The company’s quarterly revenue was up 158.7% on a year-over-year basis. During the same period last year, the company earned ($0.40) earnings per share. As a group, equities analysts expect that Legend Biotech Co. will post -1.93 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on LEGN. UBS Group raised their target price on shares of Legend Biotech from $76.00 to $81.00 and gave the company a “buy” rating in a report on Monday, March 18th. Cantor Fitzgerald initiated coverage on Legend Biotech in a research report on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 price objective for the company. Scotiabank upgraded Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 target price on the stock in a report on Wednesday, April 17th. Deutsche Bank Aktiengesellschaft assumed coverage on Legend Biotech in a report on Thursday, May 23rd. They issued a “buy” rating and a $60.00 price target for the company. Finally, Royal Bank of Canada increased their price objective on Legend Biotech from $85.00 to $86.00 and gave the company an “outperform” rating in a research note on Tuesday, May 14th. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Legend Biotech currently has an average rating of “Buy” and a consensus price target of $80.21.

About Legend Biotech

Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery, development, manufacturing, and commercialization of novel cell therapies for oncology and other indications in the United States, China, and internationally. Its lead product candidate, LCAR- B38M, is a chimeric antigen receptor for the treatment of multiple myeloma (MM).